IBTimes

GBP/USD Buy @ 1.5570 ( Stop/Limit/Market Order) Set Stop Loss @ -40pip Set Profit Target @ 50 pips

D20P SELL A GBP/USD 1.5510 take profit 1.5490 stoploss 1.5540

EURUSD Forecast: The EURUSD continued its bearish pressure on Friday, slipped below the major bullish channel and 1.2700 key support area, bottomed at 1.2664 but rebounded to the upside and traded above 1.2700 earlier today in Asian session. The bias is bearish in nearest term but we need a consistent move below 1.2700 to continue [...]

EURJPY Forecast The EURJPY continued its bearish momentum on Friday, bottomed at 108.25 but closed a little bit higher at 108.83. The bias is bearish in nearest term testing 108.07 – 107.30. Immediate resistance at 109.20. Break above that area could lead us into neutral zone but the main scenario remains bearish and I prefer [...]

On Friday the Euro/Dollar dropped significantly, as expected. The European currency depreciated from 1.2829 to 1.2674 on Friday, not matching the positive Interbank sentiment projection, at nearly +2%, closing the week at 1.2717. This morning the pair is making recovery efforts, but unconvincing for now. On the 1 hour chart new downward channel is formed, while on the 3 hour chart the upward channel was broken downwards. Break above the nearest resistance and Friday's top at 1.2829 may trigger f...

Gbp/usd - 1.5584 ... Former Bank of England policymaker David Blanchflower said U.K. government shud 'scrap the austerity budget and start cutting taxes' to put the U.K. back on a stable economic footing. He has urged the Coalition to abandon its spending cuts n offer workers a tax holiday to stimul...

Political uncertainty has pushed the Australian Dollar to open this morning at 0.8860 against the US Dollar, sliding as much as 0.8%

The Australian Dollar has opened this morning below 0.8900 after sliding from its Friday close in the US of 0.8940 after the results of the Australian federal election on Saturday that has produced the first hung Parliament in 70 years.

Amidst a backdrop of political uncertainty the Aussie dollar has suffered a fairly measured fall this morning.

CURRENCY TRADING SUMMARY - 23rd August (00:30 GMT) Written by Anthony Darvall U.S. Dollar Trading (USD) was strong on Friday as stocks markets around the world remained heavy and the Euro lead majors lower. The outlook is a little mixed going forward however as the US itself may further expand easin...

USDCHF stays below a downtrend line from 1.0624 to 1.0464 and remains in downtrend. As long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.0200 area. On the other side, a clear break above the trend line resistance (now at 1.0415) will indicate that a cycle bottom has been formed at 1.0257 already and the fall from 1.0624 has completed, then further rally could be seen to 1.0500-1.0600 area.

Although Friday's rebound to 85.82 signals further choppy trading above this month's 15-year low of 84.72 would continue, as dollar has retreated after faltering below resistance at 85.92, consolidation with downside bias remains but reckon 84.89 would hold from here.On the upside, only above 86.39 ...

Gbp/usd - 1.5595 ... Cable fell sharply fm 1.5672 to 1.5585 in NY mid-day on dlr's broad-based strength as the weak U.S. economic data released earlier fueled concerns over the U.S. economic recovery n investors flocked into U.S. Treasury on flight to safety. U.S. St. Louis Fed President James Bulla...

Here are some key forex support and resistance levels for the upcoming trading week.

Usd/jpy - 85.12 ... The greenback extended intra-day decline fm 85.92 to 84.89 on renewed risk aversions (Dow Jones index tumbled by 153 points to 10262) after the release of weaker-than-expected Philadelphia Fed business index which came in at -7.7 versus the expectation of 7.0. Offers are tipped a...

The pair remains vulnerable to downside after taking back most of previous week gains last week. With that said, risk of further weakness is likely towards the 84.71 level.

The price on the NZD/ USD tested the previous key price of 0.7319 as resistance and has now come back to test the upper channel band as support. If the upper channel band holds as support, then the price could then reach the following two targets of:

Eur/usd - 1.2885 ... The Bundesbank said the Germany economy is set to grow by around 3% this year, lifting its forecast from the 1.9% it predicted in June, but the rate of expansion will slow following a surprising surge in the second quarter of the year. The single currency extended intra-day rise...